CFP Certification

BrendanF

Expert
33
Quick background, I am a independent broker work for an agency here in Utah. I love it! So far I am only licensed in Property and Casualty! I am looking at getting my life/health license soon.




I have really been looking in to getting my CFP certification. Question is, where I am at in the agency all we focus on is home and auto. Who are good carriers to write 401ks, IRA's etc.. with?










I guess the real question is, if I did become a Certified Financial Planner, who would I want to become appointed with. Thanks!




As far as I know we just have the normal carriers most independent agencies have, Safeco, Sublimity, Hartford, Kemper, progressive, ect..


Any help/input/hate is appreciated. (:
 
Some more research is definitely in order.

I suggest you look into the Series 6, 7 63, and 65/66. You will need some combination of these licenses in order to handle investments. Either a 6 and 63 and 65 or a 7 and 66.

Also, for investments, your main point of contact will not necessarily be the company, but your broker/dealer (think cluster). And you are required to have a B/D, no way around it. Also, the B/D will basically gain complete access to your life, both in examining it and controlling it.

You could go the RIA only route, but that would put some limitations on the transactions you could handle.
 
Some more research is definitely in order.

I suggest you look into the Series 6, 7 63, and 65/66. You will need some combination of these licenses in order to handle investments. Either a 6 and 63 and 65 or a 7 and 66.

Also, for investments, your main point of contact will not necessarily be the company, but your broker/dealer (think cluster). And you are required to have a B/D, no way around it. Also, the B/D will basically gain complete access to your life, both in examining it and controlling it.

You could go the RIA only route, but that would put some limitations on the transactions you could handle.

Spot on.

You also may want to reevaluate your career path, if you are surrounded by guys selling home, life, and auto, who is going to teach you how to go out and gather and manage assets ?
 
In addition to the solid advice given so far, you certainly don't need a CFP designation to be able to offer retirement planning. Start with getting your securities license and go from there. Baby steps.
 
If you're looking for a CFP educational curriculum, you can do it with multiple providers - such as The American College or the College for Financial Planning. Local colleges may also offer these courses as well.


Because of the limited focus where you are (P&C), and a desire for growing in various directions, I'd recommend you focus on your education. Getting "certified" (with CFP or even ChFC) is a long-term process - a minimum of 3 years of experience. P&C experience may qualify, but I'm not 100% certain.


However, while I think while textbook knowledge is good... you need more training in the 'real world', not just textbooks.


So, the real questions are these:
- Who & where will you get your training?
- Do you have access to a Broker/Dealer that will sponsor you for your licenses?


BTW, you can write 401k with some carriers that offer Non-Registered Group Variable Annuities - just check on your local state requirements. IRAs can be funded using fixed or fixed indexed annuities.
 
Quick background, I am a independent broker work for an agency here in Utah. I love it! So far I am only licensed in Property and Casualty! I am looking at getting my life/health license soon. I have really been looking in to getting my CFP certification. Question is, where I am at in the agency all we focus on is home and auto. Who are good carriers to write 401ks, IRA's etc.. with? I guess the real question is, if I did become a Certified Financial Planner, who would I want to become appointed with. Thanks! As far as I know we just have the normal carriers most independent agencies have, Safeco, Sublimity, Hartford, Kemper, progressive, ect.. Any help/input/hate is appreciated. (:
As a CFP, I can tell you it's a long road. But it is also not what you meant, I am sure. (Over 90% of planners are NOT certified; I bet you meant to say "properly licensed"). Anyway- google Series 6. That is a perfect beginning for your agency - although you need to be sponsored by a B/D to take exam (fees can be 3500.00 per year). It's just nowhere near as simple as P and C for licensing. In fact- forget all of that and just start with fixed annuities (no B/D, no Series 6 or 7, no fees, just a LI license). Baby steps.
 
Along with all the other good information. just what does your current agency think of your plans. If you become a registered rep under FINRA you can share commissions from your securities work, so how will that effect your current position.
 
Along with all the other good information. just what does your current agency think of your plans. If you become a registered rep under FINRA you can share commissions from your securities work, so how will that effect your current position.
just to be clear, FINRA governs securities (but does NOT allow commissions to be shared with non-licensed people)
 
Quick background, I am a independent broker work for an agency here in Utah. I love it! So far I am only licensed in Property and Casualty! I am looking at getting my life/health license soon.

I have really been looking in to getting my CFP certification. Question is, where I am at in the agency all we focus on is home and auto. Who are good carriers to write 401ks, IRA's etc.. with?

I guess the real question is, if I did become a Certified Financial Planner, who would I want to become appointed with. Thanks!

As far as I know we just have the normal carriers most independent agencies have, Safeco, Sublimity, Hartford, Kemper, progressive, ect..

Any help/input/hate is appreciated. (:

Brendan,
I went through the CFP curriculum at Rice. It was a two year process. I was the only insurance guy in the room. I ended up getting my P & C because of the class. After the insurance CFP semester, I didn't even have to study before I took the P&C exam. There were CPA's, lawyers, and the smartest guys in the room were the Fidelity guys, who all had their series 6, 7, 63 etc.
On the first day of class, the teacher asked who had their said securities licenses and many raised their hand. He ten told the class, "that was like Middle School...this is a Master's Course."
Others parts of the CFP curriculum, besides Insurance, included General Financial planning techniques, Estate Planning Law, Tax Law, Employee Benefits, one entire module on the actual planning (a general statement of a very hard module, learning all the FP formulas by hand), Case Studies.
You do have to have a Bachelor's now to earn the CFP. I am not a CFP, nor want to be one, but graduating from the curriculum was a great experience. It seems that The American College has influenced the Financial Planning Board to include more insurance related emphasis on the process, however so slight.
 

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